Global investors are fleeing Mexico’s financial markets, sending the peso to record lows on mounting concerns that Donald Trump’s trade policy could end the country’s privileged status among developing countries.

The peso on Wednesday tumbled to another all-time low against the dollar as Mr. Trump pledged to change U.S. trade policy with Mexico. “Mexico has taken advantage of the United States,” he said during his press conference. “It’s not going to happen anymore.”

The Mexican currency weakened 0.3%—at 21.8609 from 21.8009 late Tuesday—again frustrating Mexican central-bank efforts to slow the currency’s decline. Bank officials said Tuesday that they spent $2 billion last week to prop up the peso, which has weakened 16% against the dollar since the U.S. election.

The selloff underscores fears that the economic gains Mexico has made over the past two decades could reverse, as the incoming Trump administration takes a confrontational stance that could bring tariffs and border-control measures that once appeared unthinkable.

Mexico’s government said on Wednesday it would throw its relationship with the United States wide open when it sits down for talks with the incoming U.S. administration, putting security, migration and trade on the table in search of a deal.

U.S. President-elect Donald Trump has threatened to tear up a trade agreement that underpins Mexico’s economic model if he cannot renegotiate its terms in his favor, battering the peso currency and fuelling uncertainty over foreign investment.

However, President Enrique Pena Nieto said Mexico would take a broad approach to the talks, seeking a deal that would benefit both Mexico and its neighbor as his government attempted to head off the risk of an economic shock from the Trump presidency.

“All the issues that define our bilateral relationship are on the table, including security, migration and trade,” Pena Nieto said in a speech to a group of diplomats.